The New Kind of Gold Mining – Make Scrap Gold and Electronics Your own Gold Mine
You probably have a hidden treasure locked somewhere around your garage or backyard. Before you think about throwing out those old electronics, computers, and pieces of jewellery, consider "Gold Mining" your scrap, as it may hold a hefty amount of Gold stored within. With the price of Gold amounting to almost $2,000 per Ounce, it is in no doubt a worthwhile adventure to discover new ways to acquire Gold and other Precious metals. You may think of scrap Gold as the new Gold mining.
Scrap Gold is a term used to describe any Gold containing item that is obsolete and will no longer useful in its present form and can be recycled to generate new Gold, Silver Platinum Group Metals and other important metals. About 7% of the world’s Gold is contained in e-waste generated from old laptops computers, cell phones, toys, and so on. Experts estimate that e-waste contains more Gold Gold ore by a hundredfold. The Tokyo 2020 Olympic medals which were composed of about 560g of Gold were entirely recycled from household electronics. Perhaps giving our homes and garages a spring clean could help you discover a hidden treasures.
According to the UN, around 57 million tons of e-waste are produced annually and only about 20% are properly collected and recycled. The EPA reports show that the US alone generated 2.7 million tons of consumer electronics goods waste in 2018. Most of this e-waste comes from personal devices, such as computers, smartphones, tablets, televisions, larger household appliances, as well as heating and cooling equipment.
Although the majority of Gold available in the market comes from traditional (primary) Gold mining, other sources are steadily gaining momentum. Around 23% of Gold available for consumption is recycled from scrap Gold such as jewellery and coins, and 3% from recycled electronic wastes. Considering the tremendous hazards and environmental pollution associated with traditional Gold mining, it is 300 times better to recycle Gold than mining it, a new study suggests.
The making of the 2020 Olympic medals depicted that the trash of yesterday could be an asset tomorrow. By asking the Japanese citizens to donate their consumer devices like used cell phones, small devices, and appliances over two years, the organizers recycled 5000 medals from 78,985 tons of electronic waste.
Sourcing of Scrap Gold and Precious Metals
While some of the scrap Gold may be obtained for free, others are paid for. Circuit boards that have been sorted, CPU's, microchips, scrap pieces of jewellery, and Automotive Catalysts can usually be purchased from private marketplaces such as eBay and Craigslist or local scrap merchants. Electronic repair shops usually have a pile of unused or damaged old computers and electronics in their workshops which they may be willing to give freely or for a little token. Investing in scrap Gold allows you to buy at the below-market price and resell at a quick profit.
The saying that “big is better' largely applies in this industry. Having a bulk of electronics to recover scrap Gold is much more profitable than just a few of them. That is, a single laptop or cell phone may not provide a fair amount of Gold outturn you desire. For example a laptop on average contains about 0.006 grams of Gold, thus a kilo of Gold would require a whole lot of such devices.
Safety concerns in Gold Recovery and Refining
Even though it is possible to recover scrap Gold from old electronics at home, it is worthwhile to note that the process could be dangerous. Some level of technical expertise may also be required before getting started. Apart from the precious metals, electronics contain other harmful metals such as Mercury, Lead and Arsenic. These metals, along with other materials contained in e-waste are corrosive and hazardous to the health and environment when mismanaged.
Therefore, wearing protective coverings such as gloves, overalls, goggles and a proper respirator is highly recommended.
Prices of Gold and other Precious Metals
The increasing prices of Gold and other precious metals give a plethora of options for enthusiasts and professionals to profit from trading of scrap Gold jewellery, scrap electronics and Scrap Catalytic Converters transactions. Many factors are driving the booming of Gold prices. The most prominent being the inverse relationship shared by the price of Gold and the value of US dollars.